[wreegab]

I thought the problem with Black-Scholes is that it didn't factor in the use of Black-Scholes by participants.

[igravious]

That's an interesting perspective. And it's a perspective that would be familiar to any student of cybernetics and social systems theory: http://en.wikipedia.org/wiki/Second-order_cybernetics so-called second order cybernetics. Fascinating stuff I think.